CapturedTech - Technology - Patrick Stevens
"Shopify is the rising star of e-commerce" as stated by The Wall Street Journal. Founded in 2006 in Ottawa, Canada by Scott Lake, Daniel Weinand and Tobias Lutke, Shopify has created new landmarks in e-commerce platform. It provides innumerable opportunities to merchants from all over the world to start, grow and develop there online business. High technology digital solutions of shopify provide easily accessible execution of product sales to its merchants to achieve successful revenues. Up to May 2021, it has been successful to grow up to 1,700,000 businesses in 175 countries. Its annual revenue for 2020 was US$2.929 billion.
Shopify Google Partnership
On May 18, 2021 Google announced about its partnership with Shopify to provide online expansion to its e-commerce business. With this integration, Shopify merchants would be able to use Google shopping platform for free to enlarge their businesses. Google has already made its shopping platform free for merchants which improved 80% surge in number of merchants on Google.
Google will also provide advanced analytic tools to the brands using its shopping platform. These tools will enable merchants to get access to data from websites and prices of the products.
Google Shopping Graph
Google will use a shopping graph, an innovative e-commerce tool launched by Google in its annual I/O event. This tool will help merchants to get access to global search engine and upgrade their virtual visibility to grow their online network.
The shopping graph performs allover the Google platforms. It will provide data access of the search done by a potential buyer on other platforms of Google for eg. from You Tube. Google has also given access to Shop Pay, payment app of Shopify, for payments on its site that will make it more easy for customers and sellers to get maximum benefits by easy transactions.
Shopify a Threat to Amazon
Walmart and Amazon are also leading in online market sales but as this partnership between Google and Shopify will attract branded merchants and companies to establish their business with Shopify. It will be a big challenge for both Amazon and Walmart to beat Shopify in estimated turnovers after this partnership. With easily accessible payment system, highly refined search engine provided by Google, free access to list products, Shopify has became threat for the existing market of Amazon and Walmart.